The International Monetary Fund (IMF) says the federal government should end fuel subsidies and create a credible timeline to recapitalise weak banks in the country.At the conclusion of the IMF Executive Board 19 Article IV Consultation with Nigeria, the financial institution expressed its support for the government's plans to reform and raise value-added tax (VAT).In its report seen by TheCable, [...]
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Christine Lagarde, managing director of the International Monetary Fund (IMF), has prescribed ways in which Ghana can maintain its position as a leader in West Africa.Lagarde, who just concluded a two-day visit to Ghana said the “IMF will remain fully engaged in Ghana’s ongoing efforts to foster prosperity and opportunities for all".She said with "credible and sustainable policies will support [...]
The International Monetary Fund (IMF) says the world's debt has hit an all-time record of $184 trillion, an upward swing from the $182 trillion reported last week.The figure represents an average of $86,000 debt owed per person, according to a statement issued by Ting Yan, press officer at IMF, on ‘Global Debt Database (GDD) Update’.“Today, the International Monetary Fund updated [...]
Amina Mohammed, the deputy secretary-general of the United Nations (UN), says Ngozi Okonjo-Iweala, two-time minister of finance, spent years to get Nigeria out of debt, but the country is now back to worrying levels of debt. Speaking at the International Monetary Fund (IMF) and the UN Working Together Conversation monitored by TheCable on Tuesday, the former minister of environment in Nigeria [...]
The International Monetary Fund (IMF) says inflation rates will rise in the second half of 2018 as consumer spending increases and agricultural output drops.Lucie Fouda, IMF’s Africa press officer, said a delegation led by Amine Mati, senior resident representative and mission chief for Nigeria, between June 27 and July 9.According to Mati, even though crude oil prices are higher, the [...]
The Center for Social Awareness, Advocacy and Ethics (CSAAEINC), a non-profit organisation, has called on relevant government agencies to investigate a syndicate allegedly issuing fake Corporate Affairs Commission (CAC) certificates to non-governmental organisations (NGOs).Godswill Agbagwe (pictured), president of CSAARINC, made the call at a press briefing in Abuja on Friday.The group’s president, who is in the country for some youth conferences [...]
Jim Yong Kim, World Bank president, says subsidies provided by African countries help the rich more than the poor.Speaking to journalists at the ongoing Spring meetings of the International Monetary Fund (IMF) and World Bank in Washington DC, Kim said African countries could raise revenue for investing in health and education by removing these subsidies."They should be better at collecting [...]
Ghana is poised to become the fastest growing economy in the world with the recent boost in the nation’s oil revenue.According to a New York Times report, the country is set to outpace both India with its “booming tech sector” and Ethiopia’s agriculture and coffee export-driven growth.Ghana’s bright fortunes are hinged on its increased crude oil production and rises prices [...]
The International Monetary Fund (IMF) says the economy of Nigeria is still vulnerable in spite of the country exiting recession.In a statement by Raphael Ranspach, the organisation’s media and press officer, IMF welcomed the federal government’s actions to improve the power sector and business environment under the Economic Recovery and Growth Plan. EGRP.The fund explained that macroeconomic and structural reforms [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), says Nigeria could save as much as $9 billion (N3.24 trillion) by shifting government payments from cash to digital systems.Speaking in Ethiopia on Friday, Lagarde said 1.7 percent of the country's gross domestic product (GDP) could be saved via the digitisation of the country's payment systems.Lagarde also said she was [...]
Last week, the federal government issued a seven-year N100 billion Sukuk bond. Patience Oniha, director general of the Debt Management Office (DMO), said proceeds from the bonds would be used to finance the construction of 25 major roads across the six geopolitical zones in the country. Nigerians were still trying to study and understand the concept when the Christian Association of Nigeria [...]
The International Monetary Fund (IMF) says non-performing loans across Nigerian banks have increased by more than double since 2015.This was revealed by the IMF staff team, which visited Nigeria from July 20 to July 31, to discuss recent economic and financial developments, update macroeconomic projections, and review reform implementation.The team, led by Amine Mati, senior resident representative and mission chief [...]
The International Monetary Fund (IMF) projects that Nigeria's economy will grow at a faster pace than the South African economy in the 2018 fiscal year.According to its World Economic Outlook (WEO) for July 2017, the IMF said Nigeria will grow at 1.9 percent in 2018, while South Africa will only climb by 1.2 percent.In 2016, the Nigerian economy contracted by [...]
The executive board of the International Monetary Fund (IMF) after its annual review says the fund beats its own projected income for the year 2017 as it raked in $2.3 billion.According to the board, the fund’s income position for the financial years ending April 30, 2017 (FY 2017) and FY 2018, on April 26, 2017 reflects higher income."Total FY 2017 net income, including income from [...]
The International Monetary Fund (IMF) has reviewed it stance on the economy of South Africa, for the 2017 fiscal year, stating that the economy will grow by one percent.Earlier in the year, the IMF said Nigeria and South Africa, the largest economies on the continent will grow at a pace of 0.8 percent for 2017.However, after its Article IV consultation [...]
Kemi Adeosun, minister of finance, says Nigeria's economy is witnessing a positive turnaround.The minister said this at the launch of the 2017 regional economic outlook for Sub-Saharan Africa by the International Monetary Fund (IMF).The launch took place in Abuja on Tuesday.She said investor confidence was returning to the country owing to steps taken by the government to refocus the economy [...]
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